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ISRO Chairman S. Somanath emphasized the need for India to build leading space companies rather than just service companies.
He stressed that India’s goal is to raise its share of the global space economy from the current 2% to 10%, which requires significant government support.
India already has 90% of the know-how for rocket building and 60% of the materials needed for space components.
There are 450 companies in India contributing to satellite development, but new players, young talent, and a thriving startup ecosystem are essential for achieving ISRO’s goals.
A major challenge in the sector is the lack of demand from private companies, who are hesitant to invest due to rapid changes in technology that make products obsolete quickly
To realize India's ambition of landing a human on the moon by 2040, large-scale investment from both the government and the private sector is essential.
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